What does Hagerty do and what are its main business segments?

What is the market's earnings forecast for Hagerty next quarter?

What is Hagerty's latest dividend and current dividend yield?

What is Hagerty's gross profit margin?

What were the key takeaways from Hagerty's earnings call?

What factors drove the changes in Hagerty's revenue and profit?

Did Hagerty beat or miss consensus estimates last quarter?

What is the revenue and EPS growth rate for Hagerty year over year?

- **Revenue & Profit Growth**: 17% revenue increase to $1.28B, net income up 91% to $149M, driven by 14% written premium growth and 119% Marketplace expansion.
- **Markel Transition Impact**: 2026 GAAP net loss of $41-51M due to $190M noncash transition costs, but adjusted EBITDA guidance of $236-247M reflects underlying growth.
- **State Farm Momentum**: 525,000 Classic+ conversions in 27 states, with full U.S. rollout by end-2026, contributing to 15-16% written premium growth.
- **AI & Claims Innovation**: Investing in AI for fraud detection and personalized service, with 34% return on equity for Hagerty Re.
- **Marketplace Leadership**: #2 global player with $566M in 2025 transactions, expanding into Europe and launching digital sales platform.

**【CEO Summary Section】**
- **Revenue Growth**: Total revenue increased 17% YoY to $1.28 billion, driven by 14% written premium growth and 119% Marketplace revenue expansion. Net income surged 91% to $149 million.
- **New Members**: Welcomed 371,000 new members, the highest annual total, with 525,000 State Farm Classic+ conversions in progress across 27 states.
- **Marketplace Expansion**: Auctions in Europe (Italy, Belgium, Switzerland) and U.S. generated $566 million in transaction value, making Hagerty the #2 global player.
- **Strategic Initiatives**: Transitioned to 100% premium retention with Markel, launched Enthusiast Plus for younger drivers, and invested in AI for claims fraud detection and personalized member experiences.
- **2026 Priorities**: Accelerate State Farm conversions, expand Enthusiast Plus, enhance claims expertise, and refine the Hagerty Drivers Club value proposition.

**【CFO Financial Commentary】**
- **2025 Financials**: Adjusted EBITDA grew 46% to $237 million. Operating cash flow reached $219 million, up 24%, supporting reinvestment in growth initiatives.
- **2026 Guidance**: Written premium growth of 15-16%, adjusted EBITDA of $236-247 million. GAAP net income expected to be negative ($41-51 million) due to $190 million noncash transitional costs from Markel transition.
- **Key Metrics**: Loss ratio of 39% (excluding $21 million reserve benefit), combined ratio of 87%, and 34% return on equity for Hagerty Re.
- **Balance Sheet**: $160 million unrestricted cash, $178 million long-term debt, and $1 billion+ investment portfolio in high-grade bonds.

**【Q&A Highlights】**
- **Markel Transition Impact**: 2026 GAAP net income negative due to $190 million amortization of 2025 ceding commission. Adjusted EBITDA excludes this cost, showing underlying growth.
- **Loss Ratio Trends**: 2026 guidance of 41% loss ratio, stable despite one-time 11ppt benefit from 2024 reserve release in Q4 2025.
- **State Farm Expansion**: 7 states fully converted as of Q4 2025, with full U.S. rollout by end-2026. Enthusiast Plus launched in Colorado, targeting younger drivers.
- **Marketplace Growth**: Amelia Island auction expected to generate $105 million, largest in company history. Digital sales and private transactions drove $85 million in Marketplace revenue growth.
- **AI Investment**: Piloting AI for fraud detection, valuation analysis, and personalized member engagement, with long-term focus on scaling operations.
- **Cash Flow Expectations**: 2026 free cash flow similar to 2025, with CapEx focused on IT modernization and Duck Creek platform implementation.

Hagerty, Inc. (HGTY) Q4 2025 Earnings Call Transcript

- **Revenue Surge**: 18% total revenue growth, fueled by 13% written premium increase and record PIF growth in October.
- **Strategic Partnerships**: New deals with Liberty Mutual and Safeco add to add tens of thousands of policies.
- **Modern Vehicle Expansion**: Enthusiast Plus program targeting modern cars, with $240M in live auction sales YTD.
- **Profitability Boost**: Net income up 143% to $46M, operating margins expand 590bps to 9%, and EBITDA surges 106%.
- **Tax Efficiency**: $38M deferred tax asset release offsets $29M TRA expense, driving 2025 net income guidance of $124-129M.

**CEO Summary Section**
- **Revenue Growth**: Total revenue increased 18% year-over-year, driven by 13% growth in written premium and 14% rise in commission revenue. October 2025 marked the highest Policy in Force (PIF) growth in company history.
- **Partnerships**: Signed a new partnership with Liberty Mutual and Safeco, adding tens of thousands of new policies. Expanded European auction business with sales in Belgium and Switzerland.
- **Enthusiast Plus Program**: Launched in Colorado to target modern enthusiast vehicles, with early positive underwriting results despite early-stage claims data.
- **Financial Performance**: Operating margins expanded 590 basis points to 9%, net income rose 143% to $46 million, and adjusted EBITDA increased 106% to $50 million.
- **Strategic Priorities**: Focus on modern vehicle insurance, integrating membership experiences, and global marketplace expansion with $240 million in live auction sales year-to-date.

**CFO Financial Commentary**
- **Financial Metrics**: GAAP net income of $46 million (vs. $19 million prior), non-GAAP EPS of $0.18, and adjusted EBITDA of $50 million. Released $38 million in deferred tax assets, partially offset by a $29 million tax receivable agreement expense.
- **Cost Management**: G&A and salaries grew 17% and 44%, respectively, due to technology investments and incentive compensation. Operating expenses remain controlled, with core growth in single digits.
- **Outlook**: 2025 guidance updated to 14-15% revenue growth, net income of $124-129 million (58-65% YoY), and adjusted EBITDA of $170-176 million (37-41% growth).

Hagerty, Inc. (HGTY) Q3 2025 Earnings Call Transcript

- **Revenue Growth Accelerates**: 18% H1 revenue growth, driven by 11% Written Premium and 78% Marketplace expansion.
- **Profitability Expansion**: 210bps margin improvement to 13%, net income +46%, EBITDA +28%.
- **Strategic Wins**: 2026 Markel fronting deal adds 11pts underwriting margin; State Farm to reach 25 states by year-end.
- **Marketplace Momentum**: 78% Q2 Marketplace growth, 78% sell-through at Villa d’Este auction.
- **Long-Term Vision**: 2030 goal to double policies to $3M, targeting 35M vehicles with 6.7% penetration.

**【CEO Opening Remarks】**
- Total revenue grew 18% YoY in H1 2025, driven by 11% Written Premium and 78% Marketplace revenue growth.
- Operating margin expanded 210bps to 13%, with net income up 46% and adjusted EBITDA up 28%.
- Strategic priorities: expanding Enthusiast+ program, simplifying member experience, and international marketplace expansion (e.g., European auctions with 78% sell-through rate).
- 2030 goal: double policies in force to $3M, targeting 35M vehicles with 6.7% penetration.

**【CFO Financial Commentary】**
- Q2 2025 revenue: $369M (+18% YoY), with Written Premium +11%, Earned Premium +13%, and Marketplace +78%.
- Operating profit: $48M (13% margin), net income: $47M (+11% YoY), adjusted EBITDA: $64M (+20% YoY).
- Updated 2025 guidance: 13-14% revenue growth, net income $112-120M (+43-53%), EBITDA $162-172M (+30-38%).
- $20M incremental 2025 investments: $15M tech, $5M marketplace, expected to leverage in 2026+.

**【Q&A Highlights】**
- **Marketplace Growth**: Q2 private sales and inventory sales drove 78% Marketplace growth; 2025 European auctions (Belgium, Switzerland, Las Vegas) to drive incremental revenue.
- **State Farm Integration**: 25 states targeted by end-2025, with 525K existing policies and new business ramping in 17+ states.
- **Markel Fronting**: 2026 transition to 100% risk retention, adding 11pts underwriting margin and 4.4% investment income on incremental premium.
- **Technology Spend**: $15M Duck Creek platform licensing costs in 2025, with Enthusiast+ policies ramping in 2026.
- **Pricing Trends**: Stable collector car values (Hagerty Value Index flat), no material competition pressure in core niche.


Hagerty (HGTY)-4 Aug 25-2025 Q2 Earnings call transcript

- **Record Q1 Growth**: 18% revenue rise to $320M, 233% net income jump to $27M. 
- **Marketplace Dominance**: 60% revenue surge in auctions/services, 30-35% margin contribution. 
- **Tech Investment Payoff**: $20M annual spend on Duck Creek platform to trend down as top-line accelerates. 
- **2025 Outlook**: 12-13% revenue growth, 30-40% net income expansion. 
- **New Opportunities**: State Farm expansion (25 states by year-end) and modern classic insurance launch.

**【CEO Opening Remarks】**
- Q1 2025 total revenue grew 18% to $320M, driven by 12% increase in written premium and 60% surge in Membership, Marketplace & Other revenue (auctions, services). 
- Operating margin expanded 360bps to 8%, net income rose 233% to $27M, and adjusted EBITDA jumped 45% to $40M.
- 2025 strategic priorities: expand specialty insurance, simplify member experience, and globalize marketplace business (e.g., Italy auction partnership with BMW). 
- Long-term vision to double policies in force to 3M by 2030, leveraging economies of scale and technology transformation.

**【CFO Financial Breakdown】**
- GAAP net income: $27M (vs. $8M YoY), Non-GAAP EPS: $0.07. 
- Earned premium +12% to $169M, loss ratio 42% (including $10M wildfire losses). 
- Marketplace revenue ($50M) fueled by successful auctions (e.g., AAU sale with 105 vehicles sold). 
- 2025 guidance: 12-13% revenue growth, net income $102-110M (+30-40%), EBITDA $150-160M (+21-29%). 
- $20M annual tech investment (Duck Creek platform) expected to trend down as a % of revenue post-2025.

**【Q&A Key Takeaways】**
1. **Marketplace Margins**: Auctions generate 30-35% contribution profit vs. 10% for risk-taking business. 
2. **Tariff Impact**: Minimal effect on Hagerty (25+ year old cars exempt from tariffs). 
3. **State Farm Expansion**: 25 states targeted by end-2025, driving commission revenue growth. 
4. **Enthusiast+ Program**: New underwriting for modern classics (e.g., Mazda Miata) launching in Colorado Q4. 
5. **Wildfire Costs**: $10M one-time impact, no long-term claims trend change.

Hagerty (HGTY)-7 May 25-2025 Q1 Earnings call transcript

- **Revenue Surge**: 20% YoY growth in 2024, driven by 279,000 new members and 15% CAGR in written premiums.
- **Tech Investment Payoff**: $20M 2025 spend on Duck Creek platform to enable 2026+ margin expansion, targeting 3M policies by 2030.
- **State Farm Growth**: 520,000 antique vehicles transitioning, with 70,000 conversions in 2025 and full ramp in 2026-27.
- **Cross-Sell Success**: 80% of insureds purchase HDC, driving 89% retention rate.
- **2025 Outlook**: Revenue +12-13%, net income +30-40% to $102-110M, despite near-term tech costs.

**【CEO Summary Section】**
- **Revenue Growth and Expansion**: 20% year-over-year revenue growth in 2024, driven by 279,000 new members and 15% CAGR in written premiums. Retention rate climbed to 89%.
- **Technology Investment**: $20 million in 2025 for Duck Creek platform migration (Apex program), aiming to double policies to 3 million by 2030. Near-term costs will impact margins but enable long-term efficiency.
- **Strategic Initiatives**: Launching Enthusiast Plus to expand underwriting aperture, simplifying membership experience, and expanding marketplace with international auctions (e.g., Villa D’Este Concor in Italy).
- **Catastrophe Impact**: $27 million loss from Hurricanes Helene and Milton in 2024, affecting operating income.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: Total revenue $292 million (+19%), operating profit $3 million, adjusted EBITDA $20 million (+100% YoY). GAAP EPS $0.01, adjusted EPS $0.02.
- **Full Year 2024**: Operating income $66 million (+56%), net income $78 million (+178%). Adjusted EBITDA $124 million (+41%). Operating cash flow $177 million (+32%).
- **2025 Outlook**: Written premiums +13-14%, total revenue +12-13%. Net income +30-40% to $102-110 million. Duck Creek investments to weigh on 2025 margins but drive 2026+ growth.
- **State Farm Partnership**: 520,000 antique vehicles transitioning to Hagerty’s program, with 70,000 conversions in 2025 and full ramp in 2026-27.

**【Q&A Highlights】**
- **Cross-Sell Performance**: 80% of insureds purchase Hagerty Drivers Club (HDC) membership, driving engagement and retention.
- **Tariff Impact**: Limited immediate effect due to low-frequency, fragmented parts supply chain. Long-term inflationary pressures expected but gradual.
- **Policy Growth Drivers**: State Farm conversions, Enthusiast Plus expansion, and partnerships with top 10 insurers. Target: double policies to 3 million by 2030.
- **Technology ROI**: Elevated 2025 expenses ($20M+) will decline as a % of revenue post-2025, enabling margin expansion in 2026-27.
- **Marketplace Momentum**: 2024 marketplace sales $15.7 billion (+10%), with 2025 auctions (e.g., Amelia Concours) fueling private-party growth.


Actual			-0.02	0.07	-0.1	-0.0438	0.05	0.05	-0.01	0.04	0.12	0.05	0.02	0.08	0.13	0.13	0.08
Forecast				0.07	-0.08	-0.04	0.04	0.025	-0.0133	0.0253	0.08	0.0834	0.0101	0.0225	0.1135	0.0793	0.0379
Surprise	0.00%	0.00%	0.00%	0.00%	-25.00%	-9.50%	+25.00%	+100.00%	+24.81%	+58.10%	+50.00%	-40.05%	+98.02%	+255.56%	+14.54%	+63.93%	+111.08%

HGTY

HGTY fundamentals

HGTY Q4 2025 Earnings

Earnings Call

You can ask Aime

HGTY

HGTY fundamentals

HGTY Q4 2025 Earnings

Earnings Call

HGTY Earnings Call Summary for Q4/202510:00 AM on Feb 26, 2026

HGTY Earnings Call Summary for Q3/202510:00 AM on Nov 4, 2025

HGTY Earnings Call Summary for Q2/202510:00 AM on Aug 4, 2025

HGTY Earnings Call Summary for Q1/202510:00 AM on May 7, 2025

HGTY Earnings Call Summary for Q4/202410:00 AM on Mar 4, 2025

You can ask Aime